Friday, 1 September 2017

GDX - a powerful net weekly gain

With Gold and Silver climbing for a second week, the related miners followed. The ETF of GDX settled the day +0.2% at $24.78, which made for a net weekly gain of 5.8%. Near term outlook is bullish, with the Feb' high of $25.71 just another 4% higher.

GDX daily

GDX weekly


Suffice to add, with Gold >$1300, and Copper managing the first monthly close >$3.00 since August 2014, the mining stocks are managing to battle upward from July lows.

The weekly close is especially bullish, settling near the high of the week. Clearly, the Feb' high is within range in the near term.

Things would turn hyper bullish for the miners, with Gold >$1400 and Silver >$22. The latter is notably lagging, relative to Gold and Copper.